BIG TROUBLE at Morritts Tortuga & Grand

[Noni]

We'll be at Kaibo Beach Resort June 12-June 19 and then Seaside from June 19- 26.

Joan

 

[nazclk]

Morritts

Now I know why there are no takers on E-Bay for these listed at $1

 

[Caladezi]

The trouble has not gone away!!! Now the owner/developer of the resort AKA David Morritt who took money from the association account without the knowledge of the owners, who also failed to pay MF's on the units that he owns, who has put the resort up for sale at a super inflated price just to spite the owners asssociation offer to buy the place, who has put the resort on a path to closure,and shows no intrest in those current owners who he claims as his "dear friends", has struck again. He has notified the owners reps on the BOD that the board meeting scheuled for next week will be canceled. David controls the board vote with a 3-2 balance since he appoints two members plus himself and the 10,000 owners get to appoint two, so there is nothing that our reps can do about it. This was to be a meeting that would let our reps know how David is doing on meeting his obligations on not only the debt owed, but his current MF obligation. With this type of action on the part of the developer, only the worst can be thought.

I hope that any tuggers visiting this resort will be aware of the dire situation that exists before investing their hard earned money. When you visit, your stay will be wonderful and you'll love the place. Just beware when you get the sales pitch.

 

[judyjht]

Geez - we are going March 6th - 13th. Do you think it will be OK - I had no intention of buying anything anyway.

 

[Caladezi]

Geez - we are going March 6th - 13th. Do you think it will be OK - I had no intention of buying anything anyway.

You will have no problem. The resort looks great and the staff will treat you wonderfully. Have a great time and enjoy your vacation. The problems at the resort are between the developer and the owners. I wish that I were a visitor and could leave the problems there when I returned home.

 

[kevinc1014]

Caladezi,

Let me start by thanking you for keeping us abreast of this situation. I have been an owner since "96" and going down to Morritt's since "92" and love it. It was great back then, but, we have notice changes. Until reading your posts, I was unaware of what has been happening, like other owners I'm sure. I will be heading there in May, and looking forward to it as always. Let me ask, in your opinion, how worried should we as owners be, and, how do you see this playing out?

Thanks,
Kev

 

[Caladezi]

Kev: The problem at the resort could go many different ways, but in my opinion, unless there is a drastic change it will be just a matter of time before it will be forced to close. The economy hasn't helped the situation and has to bear a large part for the decrease in sales, but the developer has caused major problems which were discussed earlier in this thread. In the short term things will go on as usual and people visiting will throughly enjoy their stay. How long this will last is the big question. If the economy turns soon and there is a 180 degree change of attitude, AND actions, on the part of the developer there could be a chance. Honestly, I don't see that happening. The best thing for all concerned would be a sale of the resort to either the owners association or another party who would run things above board in a fair, open and honest manner.

 

[Tia]

This is sad.... and sure does not sounds like the developer is going to do what is right.

 

[caribbean]

David Morritt do what is right??? HA HA You must be kidding. That would never enter his mind.

For Frank's and everyone elses sake, except DM, I sure hope they can find a buyer and be free. But as Frank says, due to the economy and DM's pricing, the odds are not good.

Frank- As always...thanks for keeping us informed.

 

[pefs65]

Well as a visitor to this resort on an exchage for April 2011, is there any chance the resort will close over the next year?

 

[SashaPasha]

New here - with questions re this thread

Hi all,
I just joined the forum today - basically because I ran across this thread on the web and have been wondering if something was going on at Morritt's.

just to give you a background - we traded thru RCI in Aug. 2009 and spent a wonderful week at Morritt's - being fortunate enough to get put in a Grand ocean front room - 2 bedrooms/ 2 baths - fantastic! AND we loved the property. We have travelled extensively but never to the Cayman's and since we usually go to Puerto Vallarta, my husband who is a diver - fell in love with the place and got back into scuba after several years.
SO - although we said we never would, we ended up buying a re-sale from Morritt's at what we thought was a good price. Due to our budget - we had to purchase in Tortuga and ended up with a 1 bedroom - every other year.
Anyway - we are planning to go back this August (have a week booked) and I happened to come across a re-sale website that was offering the same unit that we stayed at in the Grand (ocean view, 2 bed - the whole works) for as low as 5K!!!

We have been e-mailing back and forth with the company but are a little suspicous and when I contacted the resort directly their prices are still very high. SO that is why I started surfing the web to see why there were so many cheap re-sales. Plus when we were there they talked about breaking ground for the 3rd property but there is no construction on that now.

I guess my main question is - is everyone dumping their properties - and even if the resort changes hands - is it just basically a BAD idea to own here.

We have backed off on proceeding with any purchase but are still going in August and also hope to use our bonus week at the same time. And I still don't feel bad about our original purchase.

any information or opinions would be welcome - we really enjoyed our holiday and the main reason we purchased was due to the 1 in 4 year rule.

thanks,
SashaPasha

 

[Caladezi]

Sasha: My advice is to review this thread and then check out the unofficial Morritts owners site at http://morritts.17.forumer.com/index.php. Make sure that you ask for access as an owner so that you can view the owners only section and then take the time to review the threads. From there you can make up your own mind. I have already expressed my view point. If you really want to go to Morritts, be aware that you can rent a week almost any time of the year from an owner for nothing more than the yearly maintenance fee, without having to pay the cost of ownership or having the obligation to pay every year even if you don't use your week or want out.

Also note that the 4 in 1 rule only applies to RCI trades and not rentals from owners.

 

[SashaPasha]

thanks caladezi,
I will review that and I do understand what you are saying about the rentals - we have been considering that option already as an addition to our own unit.

 

[jadejar]

There is a board meeting this morning - maybe we'll get some good news from our board reps.

 

[GrayFal]

No SashaPasha,
Everyone is not dumping their units.

Now that the financial situation has been publicly revealed, it can not be swept under the rug again.
The developer might wish that the HOAs will go away but we will not and we will triumph in this situation.
We own 80 % of the resort - both of them - and I suspect when this is over, it will be 100%

The daily running of the resort has not been affected and as a visiting guest, you certainly are not aware that there are any problems behind the scene.

Many older,original owners feel disappointed in the developer who passed himself off as a 'friend' to all owners - and it is very hurtful to be let down by a friend. I am a resale owner of 4 years so do not have that history, I see the resort for what it is - a beautiful, tranquil setting with friendly people and nice units located right on the beach. I had several friends who purchased resale weeks here this year after visiting last year.

I have great faith that our 4 owner reps will continue to do a good job in keeping owners informed.

The developers actions are not acceptable but he is now publicly exposed in many venues such as this and on his beloved Cayman Islands.
Are some owners hurt and just want out - yes there are, but this is not unique to this property.

Thanks Caladezi for keeping the information out there

 

[Caladezi]

No SashaPasha,
Everyone is not dumping their units.

Now that the financial situation has been publicly revealed, it can not be swept under the rug again.
The developer might wish that the HOAs will go away but we will not and we will triumph in this situation.
We own 80 % of the resort - both of them - and I suspect when this is over, it will be 100%

It's true that everyone is not dumping their units, but many can still be had for one dollar or even free for paying the transfer fee. Much of this can be attributed to the current economy and the fact that we have no buy back program. Once you become an "owner" you are obligated to pay your fees when due unless you can transfer that ownership to someone else. Other "owners" are just fed up with the developer and his actions and don't want anything further to do with him. Unfortunately, the vast majority of the "owners" do not keep up with what has happened to their investment and have no idea what is going on or what they might be in store for.

Your statement that we own 80% of the resort is totally incorrect. We actually own NOTHING other than a RIGHT TO USE and the obligation to pay our MF's and Special Assessments as they may be levied. The developer, David Morritt owns, and always has, 100% of all buildings, ground, equipment and everything else. That is the reason that when I write owners it is written "owners". While our reps for the association have been able to call David out on his financial issues, they have very little power to control him. The BOD is controled by David 3-2 (the 2 being the owner reps.) The only way that we will ever be actual owners is if David can no longer afford to continue operation of the resort and is forced to sell to the association. It is my hope, and that of many others, that that situation will come shortly and we will become the owners rather than seeing the resort close and all of us losing our investment.

 

[SashaPasha]

Well if I could get something for a dollar - or only the xfer fee - I would certainly purchase another unit!!

 

[GrayFal]

It's true that everyone is not dumping their units, but many can still be had for one dollar or even free for paying the transfer fee. Much of this can be attributed to the current economy and the fact that we have no buy back program. Once you become an "owner" you are obligated to pay your fees when due unless you can transfer that ownership to someone else. Other "owners" are just fed up with the developer and his actions and don't want anything further to do with him. Unfortunately, the vast majority of the "owners" do not keep up with what has happened to their investment and have no idea what is going on or what they might be in store for.

Your statement that we own 80% of the resort is totally incorrect. We actually own NOTHING other than a RIGHT TO USE and the obligation to pay our MF's and Special Assessments as they may be levied. The developer, David Morritt owns, and always has, 100% of all buildings, ground, equipment and everything else. That is the reason that when I write owners it is written "owners". While our reps for the association have been able to call David out on his financial issues, they have very little power to control him. The BOD is controled by David 3-2 (the 2 being the owner reps.) The only way that we will ever be actual owners is if David can no longer afford to continue operation of the resort and is forced to sell to the association. It is my hope, and that of many others, that that situation will come shortly and we will become the owners rather than seeing the resort close and all of us losing our investment.

Yes, you are corrrect -I mistated 'own' as it is a RTU - and people like you and I have 80% RTU right now with the developer owing fees on his 20% RTU units.

There are many bitter people as I stated above who really feel betrayed by David - hopefully a resolution will happen soon. It is out in the open and under the scrutiny of many including the the local press; I hope it will be resolved in the next few years.

 

[CassieD]

Buy now at Morritts?

I have been reading this thread and what has been going on. Is it a good idea to buy a cheap resale now at Morritts Tortuga considering everything? Will there be anymore SA or will the resort even close? Any thoughts are appreciated.
Thanks!

 

[Tia]

With what Caladezi said last I'd just rent and not buy into the mess.

 

[caribbeansun]

I have to admit, given what's been posted here I was very surprised to receive a notification from the Cayman Planning department about a new proposed apartment building owned by Moritt Properties (Cayman) Ltd. across the street - I'm assuming beside or near the strip mall.

Anyone know what's up with that?

 

[Caladezi]

I have to admit, given what's been posted here I was very surprised to receive a notification from the Cayman Planning department about a new proposed apartment building owned by Moritt Properties (Cayman) Ltd. across the street - I'm assuming beside or near the strip mall.

Anyone know what's up with that?

I have not seen or read anything about this, nor has anything been in the Cayman papers as far as I know. Would you please post this notice or supply a link? If an apartment building is being built by Mottitt Properties while there is no money to build the still missing Seaside building, there is a problem.

 

[caribbeansun]

Here's a link to a pdf of the document I received. I've blacked out private information.

I have not seen or read anything about this, nor has anything been in the Cayman papers as far as I know. Would you please post this notice or supply a link? If an apartment building is being built by Mottitt Properties while there is no money to build the still missing Seaside building, there is a problem.

 

[phillip]

I am just wondering if there has been any update in this matter?

I still see some quite affordable units for sale and am interested.

 

[Caladezi]

The only thing new is that the GM Dutch Hoffman is no longer employed at the resort. No formal announcement has been made yet since this happened very recently. It also appears that much of the sales force has been reduced and the sales mangers bio is no longer on the company site. Hopefully, some information will come from the BOD meeting next week, but it doesn't seem like this is good news for the resort. Make of it what you will. There are also quite a few owners who are getting to the end of their witts with the developer, who has still made no advances in getting the missing Seaside building construction started, even though the building has been sold out for over 4 or 5 years, and the owners have been forced to compete for a much smaller available inventory of rooms.